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Polygon 2.0 token upgrade goes live on Ethereum network

polygon-2-0-token-upgrade-goes-live-on-ethereum-network
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Polygon 2.0 token upgrade goes live on Ethereum network

Polygon has revealed that holders of its MATIC token can now transition their assets to the newly launched POL token.

On Oct. 26, Polygon, a prominent layer-2 scaling solution for Ethereum (ETH), announced the initiation of its POL token upgrade.

The latest development via an X thread revealed that several leading defi platforms, such as CoWSwap, ParaSwap, and Kyber Network, have already integrated Polygon’s migrator contract into their systems.

The move marks a significant step in Polygon’s ongoing “Polygon 2.0” revamp, which aims to introduce a new staking layer and other advanced features.

Despite the buzz around the new POL token, Polygon’s native MATIC token experienced a 4% drop within 24 hours. However, it’s worth noting that the token had gained over 14% over the past week, according to data from CoinMarketCap.

Polygon 2.0 token upgrade goes live on Ethereum network - 1
MATIC 24-hr price chart | Source: CoinMarketCap

The POL token is designed to support Polygon’s upcoming staking layer. Validators will have the option to re-stake their POL tokens to secure multiple Polygon chains simultaneously. Additionally, they can offer various validation services, including transaction sequencing and proof generation.

Polygon’s ecosystem is diverse, featuring ZkEVM, a layer-2 rollup, PoS Chain, its established Ethereum sidechain, and Supernets, a layer-3 architecture. The project is also in the process of developing Miden, a ZK-STARK-based layer-2 solution.

POL token not tied to MATIC regulation

As reported by crypto.news earlier, recent regulatory events do not influence the transition from MATIC to POL. According to Polygon Labs, the U.S. Securities and Exchange Commission’s classification of MATIC and other tokens as securities in its lawsuits against Binance and Coinbase has no bearing on this upgrade.

Polygon Labs had initially introduced these changes in June 2023 as part of their Polygon 2.0 roadmap. The roadmap also includes plans for a revamped decentralized governance structure, with a dedicated ecosystem council to oversee smart contract upgrades.

While the POL token upgrade is a significant milestone for Polygon, it’s clear that the project has a comprehensive roadmap ahead, promising further advancements in the Layer 2 space.